Standard Life applauds IHT rule change

The new rules were issued on March 6, 2008 and will take effect on April 6, 2008 with a retrospective start date of April 6, 2007. Previously, chargeable transfers of over £10,000 had to be reported to HMRC, amounting to 12 pages of compliance irrespective of tax due. In the aftermath of Budget 2006, more types of lifetime gifts qualified as a chargeable transfer instead of a PET, which created additional administrative burdens even when no IHT was due. Under the new rules, if the gift is of cash or quoted shares, the reporting limit is the IHT threshold. If the gift is another type o...